Earlier this week, Executive Director Sarah Carpenter appeared on CCTV to discuss Vermont's new down payment assistance program for first-time home buyers. Interviewed by host Erhard Mahnke of the Vermont Affordable Housing Coalition, Carpenter described how the program works, its creation by the Vermont Legislature and the affordability hurdles that have plagued would-be first-time buyers in recent years.
Legislation
Word of new down payment assistance program spreads to potential home buyers statewide
Last week's press conference at VHFA launched a new statewide down payment assistance program enacted by the Vermont Legislature in May 2015. Since the conference, the program has been in the news across the state, helping to reach Vermonters who might be able to use the program to buy their first home.
Recent local media coverage of the program includes:
Governor kicks off new down payment assistance program
Governor Shumlin joined leaders from VHFA, the Vermont Legislature and the business community today to launch a bold new effort to help the state’s first-time home buyers. Each qualified buyer will receive up to $5,000 for down payment and closing costs. There is mounting evidence that the escalation of these costs in recent years, combined with other economic hardships lingering from the recession, are preventing many young Vermonters from buying their first home.
Carpenter explains need for down payment assistance on VPR
Governor Shumlin signed legislation last week that provides up to $5,000 to qualified buyers for closing costs and down payments. Sarah Carpenter, VHFA's executive director, was interviewed by VPR yesterday to talk about the program.
GOVERNOR APPROVES NEW VHFA DOWN PAYMENT ASSISTANCE PROGRAM
NORTHFIELD—Governor Shumlin signed legislation today that will help Vermonters buying their first home through VHFA by providing up to $5,000 for qualified buyers to cover the costs typically faced at closing due to down payment and closing costs.
The new down payment assistance program is part of a larger economic development bill, passed by the Vermont Legislature in the final days of the session. The program will be available through VHFA’s network of participating lenders late this summer.
Housing Credit Minimum Rate Legislation
On May 5, the bill, S.1193, was introduced. The bill is the Improving the Low-Income Housing Tax Credit Rate Act, which would permanently establish a minimum 9 percent Housing Credit rate and a minimum 4 percent Credit rate for acquisition. Both Senator Leahy and Senator Sanders are original co-sponsors of this bill because they understand the importance of this piece of legislation on future housing development in Vermont.
Down payment assistance is a sound investment for Vermont
Economic pressures and demographic shifts are preventing many young Vermonters and their peers nationwide from becoming home owners. To help Vermont continue to reap the well-documented benefits that homeownership brings to individual households, their neighborhoods and the greater community, policy makers can create tools that make home buying more economically feasible.
Welch champions legislation to strengthen Housing Credit program
Congressman Peter Welch visited Bobbin Mill Apartments, an affordable housing renovation project in Burlington, Friday to highlight his legislation (H.R. 4717) to improve the federal Low Income Housing Tax Credit (LIHTC) and stimulate the development and rehabilitation of affordable rental housing in Vermont.
Congressman Welch leads public discussion Friday of the importance of federal housing credits
At 12:15 pm Friday, June 13th, Congressman Peter Welch and Mayor Miro Weinberger will lead a public press conference about the critical link between the Low-Income Housing Tax Credit and Vermont’s supply of affordable rental housing. The gathering will focus particularly on proposed legislation to strengthen housing credits as a tool for rehabilitating and constructing affordable housing.